Decoding with one picture: ADC innovative drug leader is going to list on HKEX again, DualityBio's losses are widening

Recently, Duality Biologics has once again submitted its listing application to the Hong Kong Stock Exchange, still planning to list on the main board. On August 26, 2024, Duality Biologics first submitted its application to the Hong Kong Stock Exchange, but it ended in "lapse."

Duality Biologics is a global leader in the field of antibody-drug conjugates (ADCs), committed to developing next-generation ADC innovative drugs for patients with cancer and autoimmune diseases. Since its establishment in 2019, Duality Biologics has primarily focused on independently discovering and developing ADC assets.

The prospectus shows that Duality Biologics is dedicated to organic internal R&D, having developed four leading technology platforms and a pipeline including 12 self-developed ADC candidate drugs, covering a wide range of indications.

Currently, Duality Biologics has not obtained approval for any candidate drugs and has not generated any revenue from product sales. During the track record period, Duality Biologics' revenue mainly came from its out-licensing and collaboration agreements, including upfront payments, milestone payments, and reimbursements for R&D activities related to out-licensed candidate drugs. For the nine months ended September 30, 2024, Duality Biologics' revenue decreased by approximately 12.8% year-on-year to RMB 1.462 billion (same unit below).

At the same time, Duality Biologics recorded losses during the track record period, with losses widening by 397.7% year-on-year to RMB 566 million in the first three quarters of 2024.